Acuity Brands reports sales decrease
Acuity Brands announced fiscal 2010 first quarter net sales of $391.7 million, a 13 percent decline compared with the $452.0 million reported in the year-ago period.
Recent acquisitions contributed more than $15 million to fiscal 2010 first quarter net sales, which essentially offset the negative impact from year-over-year unfavorable price/mix changes. Net income was $23.3 million compared with $19.4 million for the same period a year ago.
"Although net sales continue to be impacted by the decline in construction spending due to lower economic activity and tight lending standards for real estate, we were able to partially mitigate the negative impact by realizing benefits from streamlining actions, productivity improvements, and market gains in certain channels," said Vernon Nagel, chairman, president, and CEO of Acuity Brands. T
Operating profit for the first quarter of fiscal 2010 was $42.7 million, or 10.9 percent of net sales, compared with $33.7 million, or 7.5 percent of net sales, for the year-ago period.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
